Refer to Table 21.3 below:Table 21.3Units of LaborUnits of OutputMPP00 1 30266 3 304116 What is the marginal physical product of the fourth unit of labor in Table 21.3?
A. 5.
B. 116.
C. 29.
D. 20.
Answer: D
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Inducements to act in particular ways are called
A) collusive tactics. B) incentives. C) trade-offs. D) opportunity costs.
The "ability-to-pay" principle of taxation is the normative idea that
A) an equitable tax system is one in which high income individuals should bear a greater burden of taxes than low income individuals. B) two individuals earning the same income should have equal ability to pay, all else constant. C) each individual should voluntarily contribute according to her ability to pay taxes. D) progressive taxes are more equitable than regressive taxes.
Assume that the market for executive travel is perfectly competitive. If the availability of time-sharing reduces transaction costs and the owner's cost of negotiating for a single trip, which of the following situations must occur?
a. The hours of flight available will increase. b. The hours of flight available will decrease. c. The cost of flying will remain steady. d. The cost of flying will increase.
An example of an adverse inflation shock is:
A. a tax increase. B. a significant rise in oil prices. C. an increase in government purchases. D. an increase in interest rates.